US poultry producer Pilgrim’s Pride has reported a sharp rise in quarterly earnings on higher chicken prices and increased operating efficiency.
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The company reported third-quarter earnings of US$17.4m, or 42 cents a share, compared to $3.3m, or 8 cents a share, in the year-ago period.
Earlier this month, Pilgrim’s Pride forecast earnings of between 40 and 42 cents a share, including between 24 and 26 cents of one-time gains.
The company’s sales for the third quarter to 28 June rose to $651.9m, from $637.1m a year earlier, reported Reuters.
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